US banking group urges regulators not to rush crypto company charters

The American Bankers Association has urged financial authorities to slow the pace of granting charters to cryptocurrency firms, Decrypt reported. In a letter to the Office of the Comptroller of the Currency (OCC), the association warned that rushing to approve such charters before a clear regulatory framework for stablecoins and digital assets is in place could heighten risks to the financial system. The letter comes as numerous crypto companies—including Circle, Ripple, BitGo, Paxos, and Coinbase—are pursuing conditional trust bank charters from the OCC.